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State PSC Indian Economy — practice questions — page 4

Explore 135 free Indian Economy questions in State PSC Economy. Open each question or exercise to read its content, reference answers and available explanation.

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Indian Economy questions and exercises with answers

Showing questions 91–120 of 135.

Moderate income tax rates are believed to encourage savings and:Read the answer and worked solution →Taxes levied on commodities are called:Read the answer and worked solution →The Goods and Services Tax Act was passed by Parliament in:Read the answer and worked solution →GST came into effect from:Read the answer and worked solution →GST is meant to create one nation, one tax and one:Read the answer and worked solution →As an immediate step in 1991, the rupee was:Read the answer and worked solution →Before reforms, India protected industry through tight import controls and:Read the answer and worked solution →Selling part of the equity of public sector enterprises to the public is called:Read the answer and worked solution →Catch the tax reformsRead the answer and worked solution →Pop the reform headsRead the answer and worked solution →Find the real termRead the answer and worked solution →Slice the reform wordsRead the answer and worked solution →Direct or indirectRead the answer and worked solution →Which reformRead the answer and worked solution →Type the numberRead the answer and worked solution →Reforms bingoRead the answer and worked solution →The Planning Commission was set up in March 1950 by what means?Read the answer and worked solution →In 1944 a group of big industrialists drafted a proposal for a planned economy. What was it called?Read the answer and worked solution →Who was the Chairperson of the Planning Commission?Read the answer and worked solution →The First Five Year Plan document was released in which month and year?Read the answer and worked solution →The Fourth Plan was due in 1966 but India took what instead?Read the answer and worked solution →Economist K. N. Raj argued India should do what for its first two decades?Read the answer and worked solution →The First Five Year Plan focused mainly on which sector?Read the answer and worked solution →Who led the team that drafted the Second Five Year Plan stressing heavy industries?Read the answer and worked solution →At which session did the Congress declare the socialist pattern of society as its goal?Read the answer and worked solution →Which Gandhian economist proposed a blueprint stressing rural industrialisation?Read the answer and worked solution →Which State's development path, with near total literacy and long life expectancy despite low incomes, is called a model?Read the answer and worked solution →India's development strategy took elements of capitalism and socialism. What was it called?Read the answer and worked solution →Which land reform is described as the most significant and successful?Read the answer and worked solution →Severe droughts struck India in which years, causing famine-like conditions?Read the answer and worked solution →

Worked practice questions

Moderate income tax rates are believed to encourage savings and:

  1. Voluntary disclosure of income
  2. Smuggling of goods abroad
  3. Hoarding of black money
  4. Strikes by tax officers
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Correct answer: A. Voluntary disclosure of income

1. People declare income when rates are fair. 2. Evasion falls. 3. Disclosure becomes voluntary. _Source: syllabus Economics, Indian Economic Development, Chapter 3, Liberalisation, Privatisation and Globalisation._

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Taxes levied on commodities are called:

  1. Income taxes
  2. Indirect taxes
  3. Direct taxes
  4. Wealth taxes
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Correct answer: B. Indirect taxes

1. They are paid through the price of goods. 2. Reform aimed at a common national market. 3. These are indirect taxes. _Source: syllabus Economics, Indian Economic Development, Chapter 3, Liberalisation, Privatisation and Globalisation._

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The Goods and Services Tax Act was passed by Parliament in:

  1. 1991
  2. 2001
  3. 2016
  4. 2017
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Correct answer: C. 2016

1. It unified the indirect tax system. 2. It took effect the following year. 3. It was passed in 2016. _Source: syllabus Economics, Indian Economic Development, Chapter 3, Liberalisation, Privatisation and Globalisation._

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